PKH Ventures IPO makes a lacklustre debut; subscribed 0.04 times on Day 1

30 Jun 2023 , 04:18 PM

PKH Ventures’ initial public offering (IPO), which began earlier on Friday, received only 4% of its subscriptions on Day 1, as of 4.00 PM.

While the retail category received 11% of the subscriptions, the non-institutional segment received only 2%. So far, there have been no bids from qualified institutional buyers.

The IPO consists of a fresh equity issue of up to 1.82 crore shares and an offer for sale (OFS) of up to 73.7 lakh equity shares.

Promoter Pravin Kumar Agarwal will sell 73.7 lakh equity shares under the OFS.

The company’s shares are priced between Rs 140 and Rs 148. Approximately 50% of the net offer is reserved for QIBs, 15% for NIIs, and 35% for retail investors.

The company plans to use the net proceeds from the issue for several purposes. These include investing in their subsidiary for the development of a Hydro Power Project, funding long-term working capital requirements for the Garuda Construction project, pursuing acquisitions and strategic initiatives, and covering general corporate expenses.

The issue’s registrar is Link Intime India Pvt. Ltd., and the sole Book Running Lead Manager is IDBI Capital Markets & Securities Ltd.

Open date	30 June 2023
Close date	04 July 2023
Lot size	100 shares
IPO size (Rs crore)	Rs 379 crore
IPO price range (Rs)	Rs 140-148 per share
Minimum investment	Rs 14,800
Basis of allotment date	7 July 2023
Refunds date	10 July 2023
Credit to demat account date	11 July 2023
Listing date	12 July 2023